AutoHook, the automotive industry’s frontrunner at proving sales, showroom visits, and the ROI of their private incentive offers officially released their latest dealership report, Traffic Conversion Analysis (TCA). TCA, powered by near real-time sales match data from Urban Science gives dealers an entirely new perspective of their sales operations as well as defection trends to competing stores or brands in their market.
DETROIT, MI (PRWEB) SEPTEMBER 13, 2017
AutoHook’s TCA is the first-ever report to deliver a complete, 360-degree analysis of a dealership’s CRM leads, exposing their greatest areas of lost sales opportunities tied to a specific competitor, salesperson, zip code, model, lead source, traffic source, or time frame. Using insights derived from TCA, dealers will have full control over their marketing, lead conversion, and operational processes. The report is revolutionary in that it allows dealers to identify detailed lost opportunities tied to an individual salesperson, using data only hours old.
“The problem dealers have faced for so long is that their CRM data is incomplete, one-dimensional, and only shows their effectiveness against their own sales, but it’s equally important to know how many of their customers purchased from a competitor,” says David Metter, President of AutoHook, powered by Urban Science. “The value of knowing exactly what opportunities you’re losing and why you’re losing them has been completely out of reach, until now.”
TCA matches a dealer’s existing CRM and DMS data with Urban Science’s near real-time sales database to reveal the sources responsible for the highest defection rates. AutoHook’s technology also identifies leads that have already purchased a vehicle elsewhere, thus helping reduce wasted time and marketing efforts chasing customers that are no longer in market for a car.
“In order to successfully grow market share and cut losses dealers need visibility into the source of each lost sale, whether it’s an internal challenge with sales staff or an external issue with a lead source,” says Randy Berlin, Global Account Director at Dealer Services Group, LLC, a subsidiary of Urban Science. “Having the ability to define why a sale fell through ultimately gives dealers the power they need to take full control of their marketing and sales operations.”
TCA’s multidimensional reporting pinpoints missed opportunities and AutoHook then provides the solutions necessary to transform them into showroom visits and closed sales. Based on the insights revealed within TCA, AutoHook implements customized incentive campaigns to target the areas and sources with the highest defection rates.
“We don’t just show dealers all the problems within their operations and send them on their way, we actually prescribe the solutions necessary to cure these issues and execute full-circle with our private incentive offers,” adds Metter.
TCA uses the fastest most accurate sales data available to uncover a narrative dealers have never been able to hear or see before. The value of this knowledge will result in more efficient strategies to increase market share growth even in declining conditions.
AutoHook, powered by Urban Science specializes in proving sales attribution combined with an untouched ability to deliver showroom visits that purchase. Through their network of private incentive offers, AutoHook supplies true, incremental walk-in traffic for dealers and OEMs. Powered by Urban Science's sales match database, AutoHook instantly proves their ROI with the fastest, most accurate sales validation data in existence. AutoHook's incentive solutions are scientifically proven to lift incremental sales, new to brand buyers, showroom visits, and conversion rates across channels.
For more information, please visit DriveAutoHook.com/TCA or call (855) 532-3274.
In order to overcome the challenges and heightened competition of a flat market, Boucher Hyundai needed a way to protect their territory by increasing their market share, improving their sales efficiency, and reducing the incidence of lost sales to other dealers in their PMA.
SEE HOW WE DID IT! CLICK HERE TO DOWNLOAD.
A YEAR IN REVIEW: a look back at the top automotive marketing trends of 2016...and a sneak peek into 2017
Much like the state of the automotive industry over the last year, AutoHook, powered by Urban Science has withstood and conquered unprecedented change throughout 2016. As experts in digital adaptation, AutoHook is consistently on the forefront of the latest trends in digital marketing and data solutions. Below is our recap of the top 12 headlines from the last 12 months in the automotive space. You'll also get a snapshot of how to "disrupt before you get disrupted" as we kick off 2017.
1. THE MOBILE TIPPING POINT
We all knew it was coming, but the speed at which mobile usage has overtaken desktop has been exceptionally faster than any other digital shift in our history. As featured in AutoHook's February article conveniently titled, The Mobile Tipping Point, "There’s no denying it. Mobile has forever changed the way marketers interact and reach consumers. We’re all slaves to it. The swiping, the scrolling, the click-to-call-ing, the convenience. In so many ways the mobile experience dictates not only where our marketing should be, but also the entire advancement of communication as we know it."
2. NATURAL DISASTERS STRIKE DEALERSHIPS ACROSS THE U.S.
Mississippi River Flooding
The residents of Missouri and Illinois had a rough start to 2016 after the detrimental flooding of the Mississippi River and other waterways spanning the two states. In some areas, more than two feet of rain graced the Midwest with its presence, resulting in over 25 deaths and thousands forced from their homes in freezing temperatures. (As featured in How Dealerships Can Stay Afloat in the Aftermath of Natural Disasters).
Winter Storm Jonas Hits East Coast
Automotive News reported the “Jonas Effect” forced Toyota to temporarily close 200 of its dealerships. Herb Gordon Volvo, in Silver Spring, Maryland experienced a roof collapse due to the overly dense snow. Forbes noted auto sales were better than expected in January despite the harsh weather conditions. "Sales actually managed a small increase in January according to J.D. Power and LMC Automotive.
“It’s not just hurricanes. Any natural disaster, such as an earthquake, can cripple a dealership. There need to be provisions for natural disasters in areas susceptible to them.” - Mitch Phillips, Global Director of Data, Urban Science
3. GOOGLE'S SERP CHANGE
Google has bulletproof adaptation skills. They seek out disturbances within the digital space and adjust accordingly. Due to the fact that mobile searches have now surpassed desktop, Google altered the layout of their search engine results pages (SERPs) to better align with mobile’s responsive design. In February 2016 they stopped displaying paid ads on the right side of SERPs. (Content originally featured in AutoHook's latest eBook, Adapt or Die: The Auto Dealer's Digital Adaptation Survival Guide).
4. RISING PAID SEARCH COMPETITION
What does this mean for dealers? For starters, a huge potential for increased SEM costs and more competition for top ad ranking. Search Engine Land analyzed the results of Google’s most recent adaptability demonstration: “Looking at the median change from February 8 through March 16 (2016) for a sample of advertisers year over year, we find that first-page minimum bids continue to increase steadily since the removal of right rail text ads.”
5. THE CLICK-TO-CONVERSION SHIFT
"If you start with conversion first and foremost, the thousands of dollars you spend driving traffic to your site each month will actually be validated. eMarketer reported $61.5 billion will be spent on search and display alone in 2016. If the majority of your digital ad budget goes into SEM and banner ads that drive shoppers to your website, but you don’t first ensure your site has the ability to convert at a high rate, you are willingly throwing money in the garbage. It’s like throwing a pitch to home plate without a catcher. It just doesn’t make any sense." - David Metter, President, AutoHook Powered by Urban Science
6. OMNICHANNEL MARKETING BECOMES A MUST-HAVE APPROACH
Omnichannel shoppers are the most valuable to your business. When both your dealership's in-store and digital efforts communicate and work together, it creates an ideal shopping environment resulting in customer loyalty. IBM’s recent whitepaper states, “The most sophisticated retailers are enabling customers to convert on any channel. After all, shoppers who buy in-store and online have a 30% higher lifetime value than those who shop using only one channel.”
7. VIDEO, VIDEO, VIDEO...& MORE VIDEO
Scott Empringham, CEO of Flash Point Communications joined AutoHook's panel "The Naked Truth" at Digital Dealer 21 this past August. His advice? Video is the #1 driver of consideration for new vehicles. Scott recommends dealers create 90-second videos just using their iPhone to post on social channels. “If you’re looking for a vehicle, you probably want a good look at the vehicle. Include shots of the vehicle’s exterior, interior, features and benefits.” 90-second videos have been enormously successful for Flash Point and their clients.
Fellow panelist, Kelly McNearney, Google's Senior Automotive Strategist could not agree more! Kelly says, “All I care about is online video. It’s great because you don’t need to customize your content for each individual channel, you can run the same video across platforms.”
8. ONLINE BUYING: ARE WE THERE YET?
The article, 5 Reasons Online Buying is NOT Everyone's Reality highlights the results of DealerSocket's 2016 Dealership Action Report. “While there is a segment of car shoppers who want to buy vehicles online in an Amazon-like experience, a new report indicates dealers may be overestimating how strong consumer demand for this capability really is.”
9. DEALERS AGREE, PAID SOCIAL ADS DO IN FACT SELL CARS
In 2016, the industry determined that social ads really do sell cars, and we heard it straight from dealers themselves! In Part I of our Naked Truth Exposed series, Alex Jefferson, eCommerce Director of Proctor Dealerships said, "Social media DOES in fact sell cars. Social outlets give us the power to build quality relationships, which then translate into quality website traffic. As long as your website converts, BOOM you can sell cars through social!"
Kevin Frye, eCommerce Director of the Jeff Wyler Automotive Family also presented at #DD21 with his session, Have You Lost Your Mind? The Demise of Common Sense in Automotive. Frye asked the question, “Can you track ROI with social media?” In his DealerRefresh recap he confirmed, "The answer is yes! I excited many dealers a few conferences back when I showed how they could build attribution models and see for themselves how they could track a return for their social media efforts."
Scott Empringham, also reminds dealers to hold their social media companies accountable. In his October blog, Empringham states, "While traditional media offer varying levels of accountability, social media (especially Facebook) is off the charts regarding accountability and transparency. In fact, it’s more accountable than the previous champion, direct mail, with only 20% of the cost."
10. DATA SHARING ACROSS ALL AUTOMOTIVE TIERS
AutoHook is doing our part to build one, solidified automotive railroad system by opening our API, and the sales validation data that comes with it, to all vendors – free of charge. In an industry where everyone charges to be connected, we want to be the player not to charge so that we can make stronger connections.
By adopting Apple’s open app approach, we can then simplify and unravel a very complicated subject. A subject that is perhaps the one absolute in an industry inundated with ambiguous topics like “big data” and “attribution.” Backed by near-real-time sales data from Urban Science, AutoHook has actually built an attribution engine that validates without a doubt that our solutions led directly to a sale. Sharing this type of knowledge is the one thing that could change this industry for the better. Having access to both accurate and up-to-date sales attribution data will make every decision this industry makes smarter, every solution more efficient, and every dollar we spend go further. Now THAT is something to get excited about!
11. DMPS TAKE CENTER STAGE
During the Fall of 2016, DMPs gained escalating attention among the automotive marketing elite. In the November blog, What You Need to Know About DMPs, we learned the biggest uses for these data management platforms, including more accurate sales attribution metrics, more opportunities for personalization and one-to-one marketing, and that DMPs are an ideal tool in terms of audience targeting and segmentation.
12. ATTRIBUTION CLAIMS ITS THRONE
In the August 2016 blog titled, AT LAST: Attribution Claims its Throne, David Metter, President of AutoHook powered by Urban Science writes...
"Mark my words - 2017 is going to be THE YEAR OF ATTRIBUTION. eMarketer admitted companies have been slow to adopt proper attribution methods due to a number of obstacles, however they estimate over 50% of American businesses will make multichannel attribution a priority for their marketing efforts in the year ahead."
FUTURE FOCUS: 2017 Trends
What is the point of marketing if you can't prove it resulted in a sale? There’s no argument that with everything our industry is capable of measuring, it all comes down to physical transactions between customers and dealers, specifically units sold and closed service ROs. That’s what you measure before anything else. That’s the reason the concept of attribution exists in the first place – to help you generate more sales and service revenue. Learn more in David Metter's December blog, VDP Views are the Top KPI...and Other Data Myths.
According to The Marketer's Guide to Cross-Channel Attribution, "Marketers need to be measuring every campaign, regardless of channel, against the same goals they set out to achieve at the start of the year. These tend to sound a lot more like increasing lifetime value and average order value, and driving repeat purchases and customer loyalty, rather than increasing open rates or click rates, reach or visits. But this is only possible through cross-channel and cross-device attribution."
If you're not doing it already, equity mining software should be the first thing dealers put into play in 2017. If you're not familiar with the term, Automotive News explains it as, "Equity-mining software, sometimes called data-mining software, enables dealerships to spot current customers who are in a good position to get out of the vehicle they have and into a new one for about the same monthly payment." AutoAlert has one of the industry's best data mining tools that uses advanced algorithms and analytics to reveal online trends and consumer behavior in order to provide actionable, in-market consumer intelligence. Equity mining could be the difference between being a part of the noise or being the first one to speak up when the time is right.
Personalized marketing campaigns based on a consumer's previous actions and their digital footprint are increasingly becoming the most effective, if not the only way to impact buyers at the right time. Custom-built, targeted messages with a personalized touch elicit fiercer engagement rates. People don't just want personalized messages, they now expect them and are most likely to respond to an ad or message exclusively crafted for them.
How else can you break through layers upon layers of digital ads screaming, "Look at me! Look at me!" People want personal. If your marketing initiatives don't take this into consideration, you will fall flat on consumers ears and invisible to their very short (and shrinking) attention spans.